President Joe Biden addressed Monday’s concerns over the U.S. going into recession and attempted to calm Americans about the future economic figures.
” We’re not going into a recession in my opinion,” Biden stated in answer to queries about the quarter’s gross domestic product.
The president talked to reporters about possible recession following hosting an event that prompted a bill for more domestic production.
Biden cited the low unemployment rate and continued investment to prove that the economy remains strong.
” My hope is that this rapid growth will turn into steady growth,” said he. So we will see some falling but God willing I doubt we’ll experience a recession .
Biden’s White House staffers argued that two-quarters GDP contraction doesn’t necessarily indicate a “technical recession” in recent days.
” A recession is an economic contraction with broad effects that impacts many areas of the economy. “We don’t have it,” Janet Yellen, Treasury Secretary, stated on Sunday.
White House National Economic Council Director Brian Deese argued that two quarters of consecutive negative growth is not a “technically” recession.
” It’s certainly not a recession according to the technical definition,” he stated. The technical definition includes a wider range of data points .”
The Biden White House seems concerned by fears of a recession especially as Democrats are facing a difficult midterm election cycle.
In June, Biden was harshly critical of an interviewer who asked about the fears expressed by economists regarding a recession.
“Not all of them aren’t saying that. C’mon, don’t make up things, okay?” He snapped. You sound like a Republican politician .”
